Key facts
- AstraZeneca CEO Pascal Soriot stated that Western pharmaceutical companies must increase their innovation speed to compete with rivals.
- He used the analogy of the automotive industry, where Western firms focused on petrol engines while Chinese companies dominated electric vehicles.
- Soriot noted that Chinese pharmaceutical companies are heavily investing in novel technologies like antibody drug conjugates and cell therapy.
- AstraZeneca is confident in achieving its 2030 growth targets, projecting $80 billion in annual sales.
- Soriot believes AI will accelerate drug development, particularly in trial protocol design, and boost productivity rather than eliminate jobs.
AstraZeneca CEO Pascal Soriot has urged Western pharmaceutical companies to accelerate their innovation cycles, warning they risk falling behind competitors if they do not adopt a faster pace, which he termed 'Chinese speed.' Soriot drew a parallel to the automotive industry, where he suggested Western companies' focus on traditional engines allowed Chinese firms to dominate the electric vehicle market.
Speaking to reporters, Soriot emphasized that the US and European pharmaceutical sectors must prioritize speed in drug development. He highlighted that Chinese pharmaceutical companies are making significant investments in advanced technologies such as antibody drug conjugates and cell therapy. Despite a recent setback with a heart disease drug prospect failing clinical trials, AstraZeneca remains confident in its pipeline and its 2030 growth targets, which project $80 billion in annual sales, up from $59 billion last year. The company reported revenues of £30.7 billion in the first half of 2026, a 6% increase.
Soriot also addressed concerns about artificial intelligence, stating that fears of AI causing job losses in the pharmaceutical industry are largely unfounded. He believes AI tools will enhance productivity and speed up drug development, particularly in designing clinical trial protocols. Furthermore, AstraZeneca plans to engage with the new UK leadership under Andy Burnham to clarify a deal with the US concerning medicine pricing, which analysis suggests could lead to a substantial increase in costs for the NHS and potentially higher excess deaths in England.